According to the National Bureau of Statistics, the headline month-on-month inflation rate decreased to 2.14 per cent in May, down from 2.29 per cent in April and 3.02 per cent in March. Food inflation also fell for the third consecutive month to 2.28 per cent in May. The Deputy Governor of the Economic Policy Directorate […]
The report covering third quarter and fourth quarter 2023, indicated that Nigerian households reduced their consumption expenditure Year-on-Year (YoY) to -13.7 percent during the period from -12.47 percent in Q4’22. The period covered by the report is approximately six months into the fuel subsidy removal and exchange rate floatation regime, the two policies that drove price instability […]
Opay in a statement through its official X handle announced that the apex bank has lifted the ban. This is coming after the expiration of a May 31 deadline given to the fintechs to meet Know Your Customer, KYC, and other regulatory requirements. The governor of CBN, Olayemi Cardoso, had, at the end of the […]
While the National Assembly had stepped in at the last minute to avoid the industrial action declared on Friday, the discussions ended in a stalemate, leading to the commencement of the strike. The industrial action has affected businesses and critical services across the country including schools, hospitals, and power supply as workers complied with the […]
Following a two-day meeting, the bank’s Monetary Policy Committee ,MPC, agreed to increase the Monetary Policy Rate,MPR, for the third straight time to rein in the country’s soaring inflation levels pegged at 33.69% in April 2024.The CBN Governor Yemi Cardoso who is also the MPC chairman however, said the Cash Reserve Ratio ,CRR, of Deposit […]
The FX rate is a 1.34 percent increase from the N1,510/$ recorded on May 17.Currency traders in Lagos, also known as bureau de change ,BDCs, operators, quoted the buying rate of the greenback at N1,450 and the selling price at N1,490 — leaving a profit margin of N40.At the official section of the FX market, […]